Strong real estate sales in Collier County continued through October…Closed sales prices keep rising, low inventory and days on market sharply decreased (again!).
Collier County's single family home median price climbed 20% in October. That's a huge year over year jump from $301,000 to $361,250. Condos in Collier County showed a small median price increase, up 4.8% ($210,000 to $220,000). So what does that mean? As in previous months, It shows that pricing in the Naples area for both single family homes and condos has continually increased compared to the prior year. Closed number of sales for Single Family Homes and Condos have increased slightly (0.2% & 20.7% respectively), which is directly correlated with our low inventory of homes available. But most importantly, the real estate market continues to remain strong.
Quick Stats (compared to October '13)
- Median Sales Price: Single Family - $361,250 (up 20%) Condos - $220,000 (up 4.8%)- Homes Sold: Single Family - 408 (up 0.2%) Condos - 455 (up 20.7%)- Percentage of Cash Sales: Single Family - 51.7% Condos - 69.9%- Inventory: Single Family - 5.9 months (down 12.5%) Condos - 4.8 months (down 25.8%)- Median Days on Market: Single Family - 37 days (down 35.1%) Condos - 51 days (down 34.6%)- Sales Price vs. Listing Price: Single Family - 95.2% (up 0.6%) Condos - 93.8% (up 1.1%)Single Family Homes
Sales activity in October was almost identical to last year, with 408 single family homes sold versus 407 sold in October 2013, up 0.2%. Cash Sales were strong in October, with 211 of the 408 total homes sold (51.7% of homes sold were cash). That's an increase of 3.7% of total cash sales for October compared to October 2013. So what does this mean? Cash sales can be a useful indicator of the extent of which investors are participating in the market.
Inventory year over year decreased -12.5% with a 5.9 month supply of homes to sell. Median days on the market is just 37 days, is the lowest it's been in the last 12 months and down -35.1% from last October. This is great news for sellers, who are selling in just over a month when priced correctly. The average percent of original list price received was up to 95.2% (Up 0.6% from last year).
Read the full Collier County Market Report (Single Family Homes) October 2014
Condos
Condo Sales in October increased, with 455 condos sold versus 377 sold in October 2013, up 20.7%. Cash Sales on condos remained high in October, with 318 of the 455 total condos sold (69.9% of condos sold were cash). That's a slight decrease of -0.2% of total cash sales for October compared to October 2013.
Inventory year over year decreased -25.8% with a 4.8 month supply of condos to sell. Median days on the market have drastically dropped to 51 days, down -34.6% from last October. This is great news for sellers of condos. The average percent of original list price received is also up to 93.8% (1.1% increase from last year).
Read the full Collier County Market Report (Condo) October 2014
Summary
We continue to see the same trends observed over the last few months. Prices are still rising although they may be leveling when comparing the figures to recent months. There is a healthy level of inventory for everyone to find what they need, but buyers can expect competition on homes that are priced correctly. Great news if you're selling with higher sale prices, multiple offers, reduced days on market and offers closer to your asking price. With season just around the corner, expect an influx of new listings over the next several months along with a slight percentage increase on pricing. This may be one of the best times to sell in Naples this season excluding the 'boom' years.
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